Teacher Pension Transfer

TorsyH1986

Hi,
I was a teacher and paid into the teacher pension. I was there for about 2 years, i then got a different job and and currently paying into that pension. I contacted the Teacher pension after and they got back to me after some time, I filled out the transfer form, then i received a letter to say i had to complete the transfer form within 12 months of me joining my current job so they cant transfer it, i was unaware of that. How do i get the money from the Teachers pension that i had paid in?

xylophone

How do i get the money from the Teachers pension that i had paid in?

See this thread.

https://forums.moneysavingexpert.com/discussion/6523227/teachers-pension-refunds-before-2016

Do you have a deferred TPS pension?

Marcon

TorsyH1986 said:

Hi,
I was a teacher and paid into the teacher pension. I was there for about 2 years, i then got a different job and and currently paying into that pension. I contacted the Teacher pension after and they got back to me after some time, I filled out the transfer form, then i received a letter to say i had to complete the transfer form within 12 months of me joining my current job so they cant transfer it, i was unaware of that. How do i get the money from the Teachers pension that i had paid in?

Under 2 years or over 2 years? That distinction is very important in terms of what you can do next.

If you had at least two years of TPS membership, you'll have a deferred pension which you can access when you reach retirement.

If you had under two years of membership, you can transfer to another pension scheme - either a workplace scheme, or if they won't accept the transfer, you can set up a personal pension and transfer that way.

The 'least best' option is getting a refund of your own contributions, because (a) they'll be reduced for tax and (b) there will be no employer contribution.

xylophone

Under 2 years or over 2 years? That distinction is very important in terms of what you can do next.

Just possibly not - see thread referenced above.